The children of former billionaire Sean Quinn are “attempting to rewrite history” by claiming they are not liable for hundreds of millions of euro in loans advanced by Anglo Irish Bank, the High Court has heard.

Counsel for Anglo’s successor, the Irish Bank Resolution Corporation (IBRC), said it was clear the children had signed and authorised loan guarantees and share pledges related to borrowings from the bank.

Paul Gallagher SC said the family’s business empire was once valued at €3bn, but now it was worthless “they seek to rewrite history”.

Sean Jr, Ciara, Colette, Brenda and Aoife Quinn say they should not be held liable in connection with €2.34bn in loans advanced by Anglo in 2007 and 2008 to fund losses by their father’s disastrous speculation on stock market shares.

The court has heard the children were the shareholders in Quinn Group, whose companies drew down the loans from Anglo.

They claim they were unduly influenced by their father, who they say controlled the business even though they were the shareholders. They also alleged Anglo behaved in a “morally reprehensible” manner towards them when they signed loan guarantees, and that they were never advised by the bank to take independent legal advice.

Aoife Quinn and Sean Quinn Jnr – children of the bankrupt billionaire Sean Quinn Snr
Mr Gallagher spent much of the morning going through various transactions involving the children, which he said clearly demonstrated their deep involvement in the running of the family businesses.

Mr Gallagher said none of these were being challenged in the proceedings and no issue had been raised about them, yet the Quinns sought to challenge similar documents relating to the Anglo loans.

“These were people used to dealing in enormously large transactions and giving people power of attorney,” said Mr Gallagher.

“They knew what these things were.”

Founder: Sean Quinn has repeatedly publicly condemned the attacks on those now running Quinn Industrial Holdings. Picture: AFP/Getty
The barrister also queries claims the children had modest lifestyles, with salaries of €21,000 and €31,000.

He said that far from having no assets, the children owned the home where their father and mother lived and had been able to give gifts worth €12m to their parents.

He also cited the payment of €4.8m to the children by one of their companies, Quinn Investments Sweden.